Free pricing report available
Mirus Australia is urging residential aged care providers to reassess their lump-sum accommodation pricing to tackle financial challenges.
Sector consultancy firm Mirus Australia is offering residential aged care providers personalised data-driven insights to help them maximise revenue potential.
The cap for lump-sum bonds for a room in residential aged care – Refundable Accommodation Deposits – will increase from $550,000 to $750,000 from 1 January and be indexed annually.
Providers will also be permitted to retain 2 per cent of the RAD annually for up to five years, from 1 July 2025, totalling a maximum of 10 per cent for any given resident.
With financial sustainability a critical challenge for Australia’s aged care sector, providers need to explore additional revenue opportunities, such as RADs, said Mirus Australia chief executive officer Andrew Farmer.
“Undervaluing RADs is a common but avoidable issue,” said Mr Farmer.
“With operational costs soaring and compliance pressures mounting, strategic RAD pricing is one of the most impactful levers providers can pull to boost financial resilience. The upcoming RAD cap increase makes this the perfect time to act.”
For a limited time, Mirus Australia is offering a free accommodation pricing report to help providers navigate the 1 January change. The report includes:
- benchmarking data comparing a provider’s RAD pricing with industry standards
- insights on nearby facilities, room types and prices as well as supply and demand for the area
- data-driven guidance to help providers align their pricing with market trends.
The offer is available until the end of the year.
“The time to act is now,” said Mr Farmer. “Our accommodation pricing reports are designed to give providers the clarity and confidence they need to make strategic pricing decisions ahead of January 1. This is about long-term sustainability.”
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